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Panasonic bets on India-specific offerings as it targets 40% turnover growth from home appliances vertical

Abhishek Law Kolkata | Updated on July 12, 2018 Published on July 12, 2018

Japanese consumer durables company, Panasonic, is banking on made-for-India offerings across its home appliances portfolio as it targets a near 40 per cent growth in turnover from the vertical.

Having recently invested about ₹115 crore to set up a refrigerator and washing machines unit at Jhajjar, Haryana, the company can reduce dependence on imports and concentrate on India-specific offerings. Microwaves, however, will continue to be imported from China.

According to Gaurav Minocha, Business Head – Home Appliances (Sales & Marketing), Panasonic India, a fully-owned subsidiary, all the three categories are designed to suit Indian needs.

For example, in refrigerators, the company has an intelligent sensor technology,“Econavi” that helps save power, in washing machines there are features to save water and microwaves offer cooking options suited for Indian dishes.

“Right now, none of the Made for India products are exported. But, we may explore the option at a later stage,” he told BusinessLine.

According to Minocha, the company is targeting a turnover of ₹820 crore from home appliances vertical by the end of this fiscal; a near 40 per cent jump from the ₹586-crore it reported in FY18.

“We intend to have a 3 per cent market share in refrigerators soon. And we have lined up India-specific offerings to boost our portfolio,” he said.

The home appliance segment in India is currently dominated by Korean majors like LG and Samsung.

Panasonic India is targeting a ₹1,500-crore turnover from its air-conditioners, a segment dominated by Voltas.

For FY19, the company is targeting a ₹5,000-crore turnover across all its verticals (home appliances, televisions, small appliances and beauty offerings and ACs). TVs, however, will be driving the revenue for Panasonic India.

Published on July 12, 2018
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